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Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
 BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party – LNGVOY – designed for the expanding LNG spot market. During the development process, BIMCO and GIIGNL consulted with the industry globally to gather a clear picture of how an LNG voyage charter party should work in practice. Careful account was taken of the interests of both owners and charterers to create a balanced and clearly worded agreement.
One of the main goals of LNGVOY is to provide a charter party whereby the charterer can assess, with a greater degree of accuracy, the cost of transporting LNG from A to B and/or C.
Four main issues inherent in LNG shipping have been addressed for voyage charters:
a “boil-off” cap whereby both owner and charterer agree on a negotiated maximum quantity of boil-off over the voyage. In case the cap is exceeded, a compensation structure, agreed during negotiations, is applied, subject to a few limited exceptions.
LNG Heel at the commencement and completion of the voyage – it was considered that legal title (ie ownership) to the heel should remain with the owner throughout the charter and that there would be a balancing payment between the quantities remaining on board, again, at the commencement and completion of the voyage. This arrangement helps avoid potential issues with administration and bills of lading etc.
Presentation – condition of the cargo tanks on arrival at the loading port is now covered. The costs involved can be handled adequately under a voyage charter as opposed to a time charter trip covering the three potential conditions:
– cooled down ready to load
– warm under natural gas vapours
– warm and inerted.
Arrival at discharge port – given the inherent nature of the cargo, scheduling of arrival times at discharge carries great importance and delays can be very costly. As a result, most voyages have a specific delivery window and risks of delay and ensuing boil-off have been allocated.
Chairman of the LNGVOY drafting group, Rodney Hyne-Jones, formerly of Exmar, said:
“LNGVOY is equitable to both owners and charterers and provides a solid contractual platform for the transportation of LNG in an ever-growing spot market. It enables all parties to handle the costs involved in a more precise way.”
According to Vincent Demoury, General Delegate, International Group of Liquefied Natural Gas Importers:
“GIIGNL hopes that a pro forma voyage charter dedicated to carriage of LNG will assist the LNG industry in maximising opportunities for the sale of spot cargoes and the carriage of LNG on simple, predictable terms.”
Grant Hunter, BIMCO Chief Officer Legal and Contractual Affairs added:
“BIMCO is delighted to have had the opportunity to work together with GIIGNL on this project to develop a viable standard voyage charter party for the LNG trade. “LNGVOY is the product of several years’ worth of thorough discussion. It’s something completely new for the LNG sector which has, until now, relied primarily on trip time charters for spot market opportunities.
“This new charter party gives owners and charterers another alternative when deciding on the most appropriate terms for their LNG transportation needs.
Source: BIMCO
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Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
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- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
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